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The $14.6 billion gain followed a revised $15.9 billion advance in November, the Federal Reserve said today in Washington. The median forecast of 30 economists surveyed by Bloomberg called for a $14 billion increase in December. Non- revolving debt, such as financing for college tuition and auto purchases, jumped $18.2 billion in December, while credit-card borrowing fell.

Rising home values and job creation are boosting the ability and willingness of households to borrow, laying the foundation for an acceleration in the consumer spending that makes up 70 percent of the U.S. economy. Cheaper financing is supporting purchases of big-ticket items such as new cars.

“As consumers are willing to take on additional debt, that’s a good sign that economic growth is beginning to turn around,” said Andrew Brodsky, an economist at Stone & McCarthy Research Associates in Princeton, New Jersey, the second-most accurate consumer credit forecaster over the past two years. “The gains are definitely encouraging.”

..Perhaps this is a good sign. But increasing student loan debt, when people are not paying back current loans is troubling. I am of the opinion that this government sponsored debt and spending spree is in some ways like the early days of the tech bubble, just different elements.

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